MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has secured a US$1mln order from AMC Pharma for ArtemiC, an anti-inflammatory that is also shown to provide benefits to Covid sufferers.
The deal follows AMC's newly inked agreement to distribute to more than 100 holistic and wellness chiropractic clinics in California and Florida.
A second purchase order, also valued at US$1mln, brings the total orders to over 100,000 units of ArtemiC by AMC, solidified by an immediate down payment of US$150,000.
In March 2023, MGC Pharma revealed that ArtemiC had gained a spot on the National Drug Code Database as an OTC Unlicensed Drug, approved by the US FDA.
"This order from AMC validates ArtemiC for the US market and demonstrates our ability to supply an FDA-authorised product in a world-leading market," said MGC's managing director, Roby Zomer.
"This order, combined with AMC's new supply agreement to distribute across the US, gives us confidence for the future growth of MGC."